A Prosperous Future: Emerging tech

Emerging tech collaboration opportunities for Australia and the US

Australia's relationship with the United States is economically and strategically significant for both countries.

As we face a future filled with complex technological, geopolitical, economic, environmental and social challenges, strong US and Australia relations are critically important.

These pressures are increasing and will test the resilience of both nations, but also create exciting new opportunities for business collaboration.

KPMG has partnered with AmCham in Australia to examine the industries we believe will shape the future economic and strategic partnership between the US and Australia for the next 50 years. This report focuses on how biotech provides significant opportunities for collaboration.

About the report

Our first report identified six emerging industries that are key to the future of the US and Australia partnership – Artificial Intelligence, Digital Economy, Quantum Computing, Biotechnology, Space Industry, and Energy and Clean Technology.

This instalment examines opportunities for trade, investment and skilled employment creation in AI, Quantum Science and the Digital Economy. Our report analyses these three emerging deep tech industries, quantifies the commercial benefit to Australia and examines the most appropriate go-to-market strategies for Australian participants.

A Prosperous Future

Key industries for Australia/US collaboration

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    Report highlights

    Australia could add 80,000 highly skilled jobs to our work force and secure AUD $24 billion in incremental capital investment by the end of the decade if we accelerate Emerging Tech exports to the United States.
Australia’s world-leading research in AI, Quantum Science and the Digital Economy are three sectors poised to benefit from the landmark AUKUS security pact.  To capitalise on the unprecedented economic opportunities in Emerging Tech, Australia must improve efforts to transform innovation into commercialisation.
The report analyses Australia’s strengths in each industry against the level of openness in the United States. This helps identify opportunities for Australia to participate in the US supply chain, such as through its trailblazing AI capabilities in mining and defence.  The report notes that niche AI products and services that complement US capabilities are more likely to find a path to market. The report identifies the Financial Services Industry as the sector where Australian firms are most likely to be successful. The report suggests Australian companies at the cutting edge of Quantum Computing and the Digital Economy could also experience dramatic growth.

Three areas of focus

Artificial Intelligence

The integration of various technologies which enables machines to learn and produce information output by either thinking and acting like a human, or by exercising original and independent intelligence that is distinct and dissimilar from human thought and behaviour.
Quantum Computing

The search for the minimal amount of physical property involved in fundamental interactions. It includes quantum computing, quantum physics, and quantum mechanics. For these reports, it includes application and use of phenomena to create new and faster ways of computing and manufacturing, enabling operations to be undertaken at speeds exponentially higher than possible with conventional technologies, often with less energy consumption.
Digital economy

Global network of economic activities, commercial transactions and professional interactions enabled by information, computer, and communications technologies. It is characterised by the creation and sale of safe and secure technologies for creating internet and mobile transactions, as well as new consumer and business-facing digital services.